In your situation with multi-family I'd imagine you could find a good below market deal, raise rents and/or add value through rehab, refinance your long term loan and pay off your HELOC. 

Hope this helps, feel free to reach out if you need any help or have any other questions.Yeah the condo for me is a place to put my feet for 2-3 years and I'll adjust to moving out and renting both or selling or cash-out refinance, it's not a long-term hold necessarily.

There are apartments that pay for it if they are in "lease-up" mode or looking to maintain high occupancy (either for a refinance or sale) but it will all depend on the quality of the prospects you bring and what you charge.Call a few apartments in your area and ask if they pay for placement to get a feel for it.

Your personal situation might just affect how you exit or refinance deals if you get a bad one. 

Now im working on refining it agin to get another $50k and it cash flows $1800/month.Second BRRRRR cost $160k, put $55k into it, refinanced and gave me just under $200k back and cash flows $2000/month.Currently working on my 3rd BRRRR in the city!

Question: With the recent surge in home prices and appreciation, I wanted to get some opinions on doing a cash out refinance should there be a correction in the market to take advantage of increased equity to plan for a future purchase.I’m not looking to sell my primary residence, but rather rent it out and purchase another primary residence property once the market cools a little.My thought is if I can do a cash out refinance, while keeping my mortgage the same that I’m currently paying, it would make sense to use that cash as my down payment on our next home while renting out our current place.

Once you stabilize the property you can refinance out of it ASAP.

Assuming we agreed upon 50/50 split on cash flow and an investor exit at refinance with me taking on 100% ownership, what kind of agreement is required to facilitate those distributions and exit?

Hey @Mary Margaret Bryant it's not a scam but the mortgage companies are basically looking for you to refinance and move your mortgage over to them. 

This would be the option I'd go when I refinance cash out.